Question

By selling a t.v.for 8000 a shopkeeper loses 20%of his cost.If he sells it for ₹11000,what profit or loss would be there for him

Answer 1

Hey There!

Sheena Here!

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So, Your question: By selling a t.v.for 8000 a shopkeeper loses 20%of his cost.If he sells it for ₹11000,what profit or loss would be there for him

So, for this question Let me first explain some terms as we need to know the concept of  Selling Price and Cost Price.

So, Here we go >>>

Cost Price - When you purchase something for a specific amount, then that amount is  termed as Cost Price

Selling Price - When you sell something for a specific amount, then that amount is termed as Selling Price

Loss- If an object is sold for a less price than the price for which you bought, then we experience a Loss.

Profit - If an object is sold for a more price than the price for which you bought, then we experience a Profit.

Loss % = Its a Percentage which tells us about how much Percent is a loss for us.

Profit % =  Its a Percentage which tells us about how much Percent is a profit for us.

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Now, Lets move for Solution:

It is said that the shopkeeper experiences a loss of 20% if he sells the television for Rs. 8000.

So, 20% Loss means that for every Rs. 100 he experiences a loss of 20%

So, that means He experiences a loss of:

20% of 100

= 20/100*100

= 20

Therefore, he experiences a loss of  Rs. 20 on every Rs. 100

That means he gets 100 - 20 = Rs. 80 for every Rs. 100

So, Now there's a Formula to which I will substitute for this problem.

Cost Price = 100/ (100-loss)* Selling Price

= 100/80 * 8000

= Rs. 10,000

So, The cost price is Rs. 10,000.

Now, we are told to find the profit or loss if the same television was sold for Rs. 11,000.

So, Lets identify if its a loss or a profit, How we are going to do this?

If SP (Selling Price) is greater than CP (Cost Price) Then that means there's a Profit.

If CP (Cost Price is greater than SP (Selling Price) Then that means there's a Loss.

Here, SP > CP

There's a Profit.

Now I guess you are aware with the terms SP, CP, P, L which means Selling price, Cost Price, Profit, Loss respectively.

So, As there's a profit here we need to find by what Rupees is the profit.

For that, There's another formula to which I will be going to substitute the values.

P = SP- CP

= 11,000-10,000

= Rs. 1,000

So, there's a profit of Rs. 1,000

Therefore, There would be a Profit of Rs. 1,000.

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Hope this helps you!

Thanks!

Answer 2

P = SP- CP

= 11,000-10,000

= Rs. 1,000

So, there's a profit of Rs. 1,000

Therefore, There would be a Profit of Rs. 1,000.